Also, the formal living room is large and we created a doorway in the family room to allow passage to the living room if somebody chooses they want a dining table for formal gatherings.

What that gets them (if they choose well) is a property in a prime location where tenants are much easier to manage, their downside is lower and where appreciation is much more likely. 

Be able to dominate the competition there and continue your education at whatever you choose to do.Watch out for what you see on the Internet, it typically has a bunch of people that try to make it by making emotional sales for things you do not really need.  

You can also choose to include the costs in the basis of the property purchased.This can also be the case when moving into a new asset class, like SFR to Commercial Property, even if it's in the same geographic area.If you move quickly - ie, travel to an area and put in an offer and close on a property in quick succession, you can make a case for deducting as an expense right away, but there are several grey areas involved in this.So keep track of all your expenses.  

Not quite.Cash flow and appreciation expectations normally have a inverse correlation because expected appreciation or depreciation is "baked" into the current ARV for future resale expectationsHowever if you choose an appreciating market you can often get an inexpensive house with the same or even more appreciation potential than an expensive house in that same market.

The real estate agent could choose to have their leads sent to them one at a time as they come in, or just once a day.There are 43,000 zip codes in the United Stats.

The cool part For an owner is that there are multiple managers available simply by choosing a zip code and most sites have reviews.

Don't stray away from Step 1.Not sure what your overall plans are but if you are still unsure what your "day job" is going to be you may find it useful to choose a career that benefits real estate investing.

You'll be asking yourself what these extra are worth now, each year when you contemplate rent increases, and each turnover, so it is good to have facts and data to support your gut feel.Keep in mind that if you stay lower rather than pushing the price, you'll get a better applicant pool to be able to choose from.

@Phillip Vaughan I'll second what @Ali Boone said - if you're going the self-assembled team route (choosing an agent, a contractor, a PM) for a long-distance investment, you'll likely end up with more work than you bargained for.